Monday, May 21, 2012

Cooper (NYSE: CBE) shares surge 25% on Eaton merger

Cooper (NYSE: CBE) shares surge 25% on Eaton mergerShawshank, VA 5/21/12 (StreetBeat) – Cooper Industries (NYSE: CBE +26.09%) shares leaped 25% to $69.70 early Monday after the company agreed to be bought by Eaton Corp. (NYSE: ETN +1.16%) in a deal valued at $11.8 billion in cash and stock.

The deal calls for Cooper shareholders to get cash and shares worth $72 a share, a 29% premium over Cooper's May 18 closing price. The combined company will have $21.5 in revenue and be incorporated in Ireland. Eaton makes power management products. Cooper makes electrical components. Eaton shares fell 0.7% to $42.10 in early trades.

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